Ekso Bionics Holdings, a manufacturer of robotic exoskeletons, said Monday it has begun its previously announced rights offering of common shares. Ekso plans to raise gross proceeds of up to $34 million through the rights offering of up to 34 million shares of common stock, at a subscription price of $1 per share. Holders of its common stock and certain warrant holders as of the record date of Aug. 10 are eligible to participate in the rights offering.
The company said it plans to use the net proceeds to continue with clinical, sales and marketing initiatives to accelerate adoption of Ekso in the rehabilitation market and broaden the Ekso footprint into Asia, and to support research, development and commercialization activities with respect to an Ekso robotic exoskeleton for home use. It may also use the proceeds in the development and commercialization of able-bodied exoskeletons for industrial use, and for working capital and other general corporate purposes.